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At the beginning of the year, Logan Services purchased a used aircraft at 65,000,000 Logan...

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Accounting

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At the beginning of the year, Logan Services purchased a used aircraft at 65,000,000 Logan expects the aircraft to remain useful for 4 years or 6,000,000 milion miles and have a residual value of $ 5,000,000. The company expects the plane to fly 1,300,000 million miles in the first year Is required 1 Calculate the depreciation of the first year for Logan on the airplane using the following methods . Straight line Production units . Double declining balance Data item Amount Cost of the plane $ 65,000,000 Less estimated residual value 5,000,000 Depreciable cost $ 60,000,000 Estimated useful life Units 6,000,000 million miles

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